Good morning, thank you for joining Old National Bancorp's 2026 Annual Meeting of Shareholders. Today's annual meeting is a live audio webcast and is being recorded. Before we begin, I'd like to direct your attention to the agenda for today's meeting, as well as the rules of conduct, both of which are viewable on the meeting website. I will now turn the call over to Daniel S. Hermann, Lead Independent Director of the board of Old National. Mr. Hermann, you may begin.
Good morning, and welcome to Old National Bancorp's 2026 Annual Meeting of the Shareholders. Thank you for joining us today. On behalf of the board of directors, thank you for your continued investment in Old National and for the trust you place in us as stewards of your capital. As a board, our responsibility is to provide strong, independent oversight of management and to remain focused on the long-term interests of our shareholders. Over the past year, the oversight was focused on the company's strong financial performance, the completion of a transformative partnership with Bremer Bank, and the successful execution of important leadership transitions. Together, these outcomes reinforce our confidence in Old National's strategy, direction, and value creation. Looking ahead, the board supports management's focus on investing in the company itself, particularly in talent, technology, and operating capabilities to drive sustainable organic growth.
Our role is to ensure those investments are made thoughtfully with accountability and with a clear focus on delivering long-term shareholders' value. Thank you again for your confidence in Old National. We take our responsibility to you seriously, and we are proud to serve as your board. Before James C. Ryan III, our Chairman and Chief Executive Officer, takes us through the annual meeting business, I would like to turn the call over to Brent R. Tischler, our CEO of Community Banking, who will continue a great tradition at Old National and deliver today's ethics message.
Thank you, Dan. I have an opportunity to share my favorite aspect of my role leading the community bank, which is helping people. I believe one of the best examples of how Old National helps people and supports our communities is turning renters into owners, making the homeownership dream possible for first-time buyers. We're proud of our holistic approach to overcoming the barriers to homeownership. Turning renters into owners starts with people and partnership, which is our DNA at Old National. We've invested in a dedicated community development loan officer team. This talented and passionate group spends time understanding client needs, conducting home buyer education sessions, and working closely with local housing partnerships to create a top-tier experience for first-time buyers. We've more than doubled the size of this community development loan officer team during the past two years to now over 20 lenders across our footprint.
We've also opened loan production offices in lower-income areas. Helping people requires a local presence. Relationships and people matter. Turning renters into owners also requires great products. I believe our Home Manager product is best in class. We offer affordable rates, a low down payment requirement, we accommodate less than perfect credit, and we require no mortgage insurance. This all means more loan approvals and lower payments, helping people. Old National services all of our Home Manager loans that we originate, which provides us with flexibility to adjust customer payment terms as needed. I think one of the most impactful ways to help people is offering down payment assistance grants to eligible first-time home buyers. In 2025, Old National provided $14.7 million in down payment assistance to help over 1,200 families in majority minority and low to moderate income census tracts.
Old National also partners with over 60 nonprofit subsidy partners to maximize homeownership opportunities. We can create amazing outcomes when we combine Old National down payment grants with local, state, and federal assistance programs. We have examples of borrowers coming to their first home closing with $20,000-$30,000 in down payment support. Incredible. Helping people also means accessibility. Old National launched a program in 2024 to provide mortagage loans to borrowers who do not have a Social Security number. Our Individual Taxpayer Identification Number, or ITIN program, considers non-traditional credit sources and is complemented by Spanish-speaking community development loan officers and Spanish language translated materials. Turning renters into owners is good for business, it's good for the communities we serve, and it truly helps people. I'm proud of our team's dedication and results in this space. Thanks, everyone.
I will now turn the call over to James C. Ryan III, our Chairman and Chief Executive Officer.
Good morning, everyone. Thank you for joining us today. Thank you, Brent, for sharing today's ethics message. I will now move to the business portion of our meeting. If you are a shareholder, you may ask questions during the meeting by submitting your question through the meeting website. Any questions submitted should satisfy the criteria specified in our rules of conduct.
Our Chief Legal Officer and Corporate Secretary, Nick Chulos, confirmed before the meeting began that our shareholders have been sent a proxy statement and the notice for today's meeting and that a quorum is present. I therefore convene this meeting and call to order. We have four items on our agenda today to present to our shareholders. The election of our board of directors, our say on pay vote, the appointment of Deloitte as our independent registered public accounting firm, and the approval of our 2026 equity compensation plan. If there are any shareholders who desire to vote at our meeting today, I would ask that you do so now through the meeting website. The first item to be voted on is the election of 12 directors to our board.
The individuals who have been nominated for election as directors are shown on slide 7 in the presentation. Our proxy statement lists the qualification and experience and provides other information for each of the individuals nominated to serve on our board of directors. The second item to be voted on at today's meeting is the advisory vote on our 2025 executive compensation. This proposal, which is commonly referred to as our say on pay vote, provides our shareholders with an opportunity to approve on an advisory basis the compensation of our named executive officers as discussed in our proxy statement. The third proposal on the agenda is the ratification of our audit committee's appointment of Deloitte as the company's independent registered public accounting firm for 2026.
Although ratification by shareholders is not required, the company and our board deem it desirable to continue our established practice of submitting this appointment to shareholders for consideration. The last item of business is the approval of our 2026 equity compensation plan. The primary purposes of the new plan are to replace our existing equity plan, which is scheduled to expire next year, and to make additional shares available given the growth of our company and participation in the plan. Our equity compensation program supports our ability to attract, retain, and align team members and non-employee directors' interests with those of our shareholders. Thank you for voting. The polls are now closed. I have been advised by Nick Chulos that our preliminary vote results are as follows. All 12 directors have been elected to the board.
The say on pay vote on our 2025 executive compensation has been approved. The appointment of Deloitte has been ratified, the company's 2026 equity compensation plan has been approved. The final vote results will be included within the minutes of this meeting and will be reported publicly in a few days. Having concluded the business as set forth in our agenda and the notice of our meeting today, I hereby adjourn the business portion of our meeting. It's now my privilege to share with you the highlights of an exceptional year for Old National. In 2025, our adjusted earnings per common share was $2.21. Our adjusted return on average tangible common equity was 18.6%, our adjusted return on average assets was 1.26%.
Our adjusted efficiency ratio stood at 48.8%. Meanwhile, we strengthened our franchise by closing and completing the systems conversion for our transformational partnership with Bremer Bank, expanding our footprint across attractive upper Midwest markets and adding scale that positions the company for continued growth. Importantly, we deliver the results through disciplined execution with a steady operating model while continuing to invest in people and capabilities that support long-term value creation. Our strong financial performance continued in the first quarter of 2026. As we reported in our recent earnings call, as shown on slide 13, we reported a first quarter adjusted earnings per share of $0.61, an adjusted return on average assets of 1.33%, an adjusted return on average tangible common equity of 19%, and an adjusted efficiency ratio of just under 45.7%.
We carried strong momentum into the year, and our performance in the first quarter reinforces our confidence in our full year plan. More information on our first quarter earnings can be found under the Investor Relations tab on our website. Over the last 7 years, Old National has significantly outperformed the KRX amid a dynamic market environment. These results reinforce our confidence that Old National is strategically positioned to deliver long-term shareholder value. In addition, throughout 2025, we remain deeply committed to serving our clients, investing in our communities, and supporting the growth and development of our team members. During the year, Old National invested $13.6 million in our communities, our team members volunteered nearly 68,000 hours, and we played a leading role in launching Generations Community Bank, the first minority depository institution in the state of Indiana.
We were also proud to receive an outstanding Community Reinvestment Act rating from the Office of the Comptroller of the Currency, our primary federal regulator, reinforcing the strength of our engagement across the communities we serve. You can read more about these efforts in our 2025 Community Action Report, which is available on our website. As we look ahead, we are focused on building our momentum by investing in ourselves to drive sustainable organic growth. In 2026, our priority is centered on advancing talent and leadership excellence, strengthening sales execution, and continuing to enhance our operational capabilities. We remain committed to serving our clients exceptionally well, supporting the communities we serve, and creating long-term value for our shareholders. We believe Old National is well-positioned to navigate in an evolving environment while staying focused on what matters most.
Before we conclude, I would like to recognize and thank four outstanding directors who are retiring from the Old National Board today. Austin M. Ramirez, Ellen A. Rudnick, Becky Skillman, and Stephen C. Van Arsdell. On behalf of our executive leadership team and our board of directors, I extend our sincere appreciation for their dedicated service, thoughtful counsel, and unwavering commitment to Old National. Each brought deep expertise, sound judgment, and a strong sense of stewardship during a period of meaningful growth and transformation for our company. Personally, I am grateful for their partnership, perspective, and support during my tenure as CEO. Their contributions have helped position Old National for continued success, and we thank them for the lasting impact they have made on our organization. Now it's time for questions. We have not received any questions.
I encourage you to reach out to Lynelle Durkosh, our investor relations director, if you have any questions in the future. Thank you for your attendance today and for your support and investment at Old National. Have a great day.
That concludes our meeting today. You may now disconnect.